Andromeda expects 15% growth in loan disbursals to Rs 70,000 cr in FY24

Andromeda has been witnessing a large number of queries from prospective home buyers, which is a positive sign for the company's future growth, Andromeda CEO Raoul Kapoor said

Loan distributor Andromeda expects around 15 per cent growth in loan disbursals to Rs 70,000 crore during the current fiscal, driven primarily by housing and personal loans demand.

The loan disbursals of Andromeda have grown multiple times from Rs 36,842 crore in FY 2021-22 to Rs 60,000 crore in the year ending March 2023, Andromeda Sales and Distribution Pvt Ltd Co-CEO Raoul Kapoor said.

Despite the Reserve Bank of India raising the key interest rate since May 2022, the demand for housing loans has not been significantly impacted and the homebuyers understand that the rates would come down eventually, he said.

"We expect 12-15 per cent growth in the business during the current financial year," he said.

Andromeda has been witnessing a large number of queries from prospective home buyers, which is a positive sign for the company's future growth, he added.

Sharing numbers of last year, Kapoor said home-loan disbursals were Rs 26,328 crore at the end of March 2023, up from Rs 17,505 crore in 2021-22.

The loan against property disbursals were Rs 20,649 crore, up about 78.7 per cent from Rs 11,556 crore in the fiscal year 2021-22, while business loan disbursals doubled to Rs 5,525 crore in FY'23.

Personal loan disbursals rose by 59.04 per cent to Rs 6,551 crore, compared to Rs 4,119 crore in the preceding financial year.

The company increased its branch network to 350 branches in the fiscal year ended March 2023, from about 300 in the preceding year, he said, adding it aims to increase the number of branches to 400 in the current financial year.

The company relies heavily on technology to manage a strong agent base of more than 25,000, which is also set to grow.